Cadillac is eager for buyers to add the all-electric Cadillac Lyriq to their personal vehicular fleets. To encourage sales, the luxury marque is offering quite an attractive lease incentive toward the luxury crossover aimed at attracting current owners or lessees of rival automakers.
Specifically, a Cadillac Lyriq lease incentive offers $3,000 toward the lease of the luxury electric crossover. However, interested buyers must meet certain criteria to qualify: they must either own a 2010 model year or newer Acura, Audi, BMW, Ford, Honda, Hyundai, Infiniti, Jeep, Kia, Lexus, Lincoln, Mercedes-Benz, Toyota, Volvo, Porsche, Tesla, Genesis, Polestar, or Rivian for at least 30 days prior to the new vehicle sale, or lease a 2019 model year or newer vehicle from any of the aforementioned automakers. Interestingly, the fine print doesn’t specify that a trade-in is required.
| MODEL | Q2 24 / Q2 23 | Q2 24 | Q2 23 | YTD 24 / YTD 23 | YTD 24 | YTD 23 | YTD 24 SHARE | YTD 23 SHARE |
|---|---|---|---|---|---|---|---|---|
| TESLA MODEL Y | -5.21% | 100,000 | 105,500 | +9.71% | 209,000 | 190,500 | 90% | 98% |
| CADILLAC LYRIQ | +441.10% | 7,294 | 1,348 | +465.37% | 13,094 | 2,316 | 6% | 1% |
| LEXUS RZ | +333.05% | 4,036 | 932 | +404.83% | 5,639 | 1,117 | 2% | 1% |
| AUDI Q8 E-TRON | +132.48% | 1,811 | 779 | +339.67% | 3,425 | 779 | 1% | 0% |
| JAGUAR I-PACE | +226.93% | 546 | 167 | +362.26% | 1,225 | 265 | 1% | 0% |
| TOTAL | +4.56% | 113,687 | 108,726 | +19.18% | 232,383 | 194,977 |
Caddy’s plan seems to be working. Sales of the Lyriq peaked during Q2 2024, moving 7,294 units and placing second only to the Tesla Model Y in the D-segment luxury electric crossover division. For comparison, the Model Y sold 100,000 units last quarter, which is substantially more than the 7K+ recorded by the Lyriq. While it still has quite a bit of ground to cover, sales of the Lyriq are steadily improving, and it’s likely that discounts toward its purchase or lease will continue to drive its numbers skyward.
In fact, 40 percent of Lyriq buyers are new to Cadillac, meaning they owned a vehicle from a competing make prior to purchasing their Lyriq. With that in mind, it’s likely that the new Cadillac Lyriq discount will only help that number grow.
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